Payment in due course1

Payment in due course is the content of the Negotiable Instrument Act. Payment at the right time to parties will help to the expansion of business units

1. Welcome

2. Payment in due course SHIVASWAMY M Assistant Professor Department of Commerce Government First Grade College Gundlupete

3. Introduction : Payment in due course is mainly consisting of two basic word, Payment In due Course

4. In everyday we are going to make payment for many activities.

5. Payment Is a process of paying someone or something . Is an obligation of one person to another. Discharge of responsibility.

6. Forms of Payment

7. Current forms of Payment

8. In due Course Some time in future when it is the right time, but not before.

9. Payment in due course: The term comes in Negotiable Instruments Act 1881. NI –means a document transferable from one person to another. Sec 10 define Payment in due Course A paying banker making payment in due course is protected.

10. Section 10 says, " Payment in due course " defines payment in accordance with the apparent tenor of the instrument in good faith and without negligence to any person in possession .

11. Continue..... Any person legally responsible to make payment under negotiable instrument must make the payment of the amount due under in due course with the purpose of obtaining a valid discharge against the holder.

12. Essential condition must be satisfied: Payment made in accordance with apparent tenor of an instrument. Payment made in good faith and without negligence Payment must be made to the person possession of instrument payment made under circumstances which do not afford a reasonable ground believing. Payment must be in money.

13. Conclusion Payment at right time helps to parties improve business activities.

14. References: Official Gazette Notification - Negotiable instrument act 1881, pp 10. Revised Shrinivas Guptha , The Negotiable Instruments Act, 21 st Revised Edition, Page No-125 ICAI study material- The Negotiable Instrument Act, page no 2.12 ICSI study material- ECONOMIC, BUSINESS AND COMMERCIAL LAWS, page no-607

15. Assignment Identify the terminologies of Payment in due course. What are the consequences of Payment in Due Course? Think the appropriate conditions of Payment in due course with suitable examples.

16. Questions? Payment is a _________ of paying something.[ Process/ Function] In due course refers to ____________. What are the important terms in Payment in Due Course? What do you mean Instrument? List out Current forms of payment?